Loan for Acquisition of Coregas Group by Nippon Sanso Holdings Corporation
Supporting Overseas M&A of Japanese Company

• Region: Oceania
• Manufacturing and Services
• Overseas Investment Loans

1. The Japan Bank for International Cooperation (JBIC; Governor: HAYASHI Nobumitsu) signed on December 18 a loan agreement amounting to up to USD98 million (JBIC portion) with NSC (Australia) Pty Ltd (NSCA), an Australian subsidiary of Nippon Sanso Holdings Corporation (Nippon Sanso HD). The loan is co-financed with Mizuho Bank, Ltd., bringing the total co-financing amount to approximately USD163 million.
     
2. In July 2025, NSCA acquired the entire shares in Coregas Pty Ltd and Blacksmith Jacks Pty Ltd of Australia, and Coregas NZ Limited of New Zealand (collectively, the Coregas Group). This loan is intended to finance part of the funds necessary for NSCA to acquire all shares of the Coregas Group.
     
3. Nippon Sanso HD is the world’s fourth-largest industrial gas^*1 supplier, operating in more than 30 countries and regions globally, including Japan, the United States, Europe, Asia, and Oceania. In addition to supplying industrial gases, it also offers products such as stainless steel vacuum insulated bottles and other household goods under the THERMOS brand to over 120 countries worldwide.
     
4. The Coregas Group manufactures and sells industrial gases in Australia and New Zealand. Industrial gases are used across a wide range of industries, including as combustion aids and oxidizers in manufacturing, as medical oxygen for inhalation, and as carbon dioxide in carbonated beverages. The Coregas Group possesses one of the largest industrial gas production facilities in the Southern Hemisphere and is actively engaged in developing advanced technologies, including hydrogen production. Through this acquisition, Nippon Sanso HD aims to expand its industrial gas business in the Australian and New Zealand markets, while also developing hydrogen production technologies.
     
5. The loan will financially support Nippon Sanso HD’s global expansion, thereby contributing toward maintaining and improving the international competitiveness of Japanese industry. It is an important initiative for Japan’s economic security, supporting the strengthening of supply chain resilience for industrial gases, which are essential across diverse industries.
     
6. As Japan’s policy-based financial institution, JBIC will continue to support the overseas business expansion of Japanese companies, including through overseas M&As, by drawing on its various financial facilities and schemes.
     

Note

1. *1 
   Industrial gases are produced by separating and purifying oxygen, nitrogen, argon, and other components from air, as well as by extracting acetylene, hydrogen, methane, and other substances from natural gas.